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China sets up gold fund as part of 'Silk Road' initiative, official media say
By Ruby Lian and A. Ananthalakshmi
Reuters
Monday, May 25, 2015
China has established a fund that is expected to raise about $16 billion for gold-related investment as part of its "Silk Road" initiative to develop trade and transport infrastructure across Asia and beyond, official media reported.
The fund, which will be run by a new company to be set up by gold producers and financial institutions, is expected to raise an estimated 100 billion yuan ($16.13 billion) in three phases, Shanghai Securities News reported at the weekend.
Two leading gold producers, Shandong Gold Group, the parent of Shandong Gold Mining Co. Ltd., and Shaanxi Gold Group will take stakes of 35 percent and 25 percent respectively, with the rest owned by financial institutions, the newspaper said.
The fund's activities could take in the launch of gold-backed exchange-traded funds and buying stakes in listed gold companies and mining firms. ...
... For the remainder of the report:
http://in.reuters.com/article/2015/05/25/china-gold-idINKBN0OA0G620150525
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